STX Pan Ocean Orders $215M LNG Carrier
STX Pan Ocean has ordered an LNG carrier from Korean shipbuilder Hanjin Heavy Industries and Construction. The vessel will be built at a cost of $215 million. Delivery is expected before 2010. STX Pan Ocean recently reported a 71 percent jump in full-year earnings to $279.8 million on a 20 percent increase in sales to $2.7 billion. Source: ChannelNewAsia
STX Pan Ocean Orders LNG Carrier
STX Pan Ocean has ordered a LNG carrier from Korean shipbuilder Hanjin Heavy Industries and Construction. The 153,000 cubic meter vessel will be built at a cost of $215m. Delivery is expected before 2010. STX Pan Ocean recently reported a 71 percent jump in full-year earnings to $279.8m on a 20 percent increase in sales to $2.7b. Profits had been driven by a strong growth in its core dry bulk shipping business. (Source: Channel News Asia)
STX Pan Ocean to spend $810
STX Pan Ocean a South Korean shipping firm, said on Wednesday it would spend about $810 million in 2008 on new vessels including bulk ships and containers. STX Pan Ocean , listed in Seoul and Singapore, also said in a filing to the Korea Exchange it would buy four bulk ships for 143.9 billion won ($153.2 million) by 2010.
STX Pan Ocean Awards Contract
According to www.channelnewsasia.com, STX Pan Ocean has awarded the tender for the building of two product oil/chemical tankers to a substantial shareholder STX Shipbuilding. The award followed an open tender exercise carried out over six days in January. The exercise attracted only one bid from STX Shipbuilding, which put in a bid of under $25m for the building of each of the tanker. The tankers are expected to be delivered in 2009.
Korean Dry Bulk Carrier Share Plunge Verified
A Singapore stock exhange error was at first suspected as shares in STX Pan Ocean Co. plunged 64%. The Singapore Exchange said there was no trading error behind the recent 64 percent plunge by shares of STX Pan Ocean Co. (STX), South Korea’s biggest dry-bulk carrier, during the final few minutes of trading Saturday, reports Bloomberg. Two lots totaling 300 STX Pan Ocean shares changed hands at S$1.595 apiece at 5:04:25 p.m., according to data compiled by Bloomberg. The stock was trading at S$4.25 about five minutes earlier. There was no error reported by the parties to the transactions, the exchange said. Source: Bloomberg
No Bidders for Korean Bulkship Owners STX
The sale of STX Pan Ocean Co. fell through as the Easter financial markets closed. No potential bidders expressed their interest in South Korea's leading bulk carrier, raising the possibility that the shipping line may be taken over by a state-run policy lender, reports Yonhap News Agency. According to industry sources, no potential bidders have submitted letters of intent for STX Pan Ocean yet. Source: Yonhap News Agency
STX Pan Ocean Wins $240m Contract
South Korean shipping firm STX Pan Ocean said it has won a shipbuilding contract worth at least $240m. The contract is for the construction of three bulk carriers, which are expected to be delivered in the second half of 2010. Source: Reuters
STX Group Seeks 2013 Turnaround
Korea-based conglomorate STX saw tough times the past year due to severe cash shortage, but is seeking a turnaround in 2013 after offloading some assests. Market analysts have mixed views for STX. Some say that its bold move will help the conglomerate get back on track, while others counter that it will continue struggling to stay afloat due to the unfavorable business environment, reports 'The Korea Times'. The corporation has raised 1.12 trillion in cash by selling its stakes in European affiliate STX OSV to Italian shipbuilder Fincantieri SpA for 768 billion won and STX Energy to Japan’s Orix for 360 billion won. The group also plans to sell its stake in STX Pan Ocean, the nation's leading bulk carrier.
Panamax Dry Bulker Delivered to STX Pan Ocean
STX Pan Ocean takes over the 83,000 dwt class Panamax, 'STX Horizon', its first new-build delivery of the year. Having concluded strategic contracts for long-term transportation with domestic and international shippers including POSCO, Hyundai-Steel, KEPCO subsidiaries, Vale and Fibria in Brazil, STX Horizon will be added to the the owner's list of vessels to service these various contracts. A company official said: “Although current dry bulk shipping market is depressed, about $100 million of profit is expected from operation of 23 private vessels…
STX Group Sales Rise
The STX Group said it expects to meet this year's sales target of $24b, thanks to earnings from its affiliates STX Pan Ocean Co. and STX Shipbuilding Co. In the first-half of this year, STX's group-wide sales stood at 13.2 trillion won, up 87 per cent from the same period last year, reports said. Group-wide operating profit in the first half more than doubled to 880 billion won. STX is now in the process of taking over 's Aker Yards after buying a controlling stake in 's biggest shipbuilder for $800 million. Source: Yonhap
Creditors to Pursue ARA Vessel Arrests as Bankruptcies Escalate
Rotterdam-based law firm AKD says that creditors of ailing shipping groups such as STX Pan Ocean of South Korea, and TMT of Taiwan, could seek to take advantage of prevailing bankruptcy laws to enforce vessel arrests and other attachments in the Amsterdam-Rotterdam-Antwerp (ARA) region. Haco van der Houven van Oordt, a partner with the shipping and offshore team at AKD in Rotterdam, said, “The recent reports of bankruptcies and voluntary liquidation proceedings involving shipping companies have now reached levels which exceed any in recent memory. STX Pan Ocean, South Korea’s largest dry bulk operator, has reportedly obtained bankruptcy…
Tidewater Takes Over STX Pan Ocean PSV Newbuild Contracts
STX OSV Holdings Limited say Tidewater Inc. has acquired contracts for 3 Platform Supply Vessels (PSVs) under construction at STX OSV in Norway. STX OSV had originally secured the contracts for the design and construction of three vessels for STX Pan Ocean Co. Ltd. in 2010, and Tidewater has now entered into an assignment agreement with STX Pan Ocean to take over these contracts. The first vessel in the series will be delivered to Tidewater during 1Q 2013. Deliveries of the next two vessels are scheduled for Q2 and Q3 2013. Mr. Roy Reite, Chief Executive Officer and Executive Director of STX OSV, said, “STX OSV has in the past delivered ten offshore vessels to Tidewater. The vessels are of STX OSV PSV 09 design, developed by STX OSV Design in Ålesund, Norway.
GasLog Buy STX Pan Ocean LNG Carrier
GasLog Ltd. has signed a memorandum of agreement to acquire the 'STX Frontier', a 2010-built, 153,600 cubic meter LNG carrier from Singapore- based company STX Pan Ocean LNG PTE. Ltd. The intention is that GasLog will take over the vessel from STX Pan Ocean early in the fourth quarter of 2013 in Spain, which makes her well positioned to take advantage of the current tight supply of tonnage for this winter in the Atlantic. Paul Wogan, GasLog CEO; said: "We are delighted to announce this acquisition.
STX Pan Ocean Wins $40M Newbuild Contract
According to a June 1 report from channelnewsasia.com, STX Pan Ocean said it won a shipbuilding contract worth at least $40m for a semi-submersible heavy lift carrier. (Source: Channelnewsasia.com)
STX Shipbuilding Shares on a Roll
South Korean shares rebounded Tuesday from the prior session's fall as local institutions rushed to hunt for bargains on views that the recent decline was excessive. STX Group shares benefit from the rebound. STX group shares ended bullish on news that its shipbuilding unit was assessed to have higher value of business continuation than liquidation value, reports Xinhua. The holding company STX Corp. surged at the daily permissible limit of 15 percent, and STX Heavy Industries and STX Engine jumped 9.4 percent and 13.3 percent each. The shipping unit STX Pan Ocean, which filed for court receivership, tumbled 14.8 percent. Source: Xinhua
STX Shipbuilding Reports Q2 Results
South Korea's STX Shipbuilding Co. said that its second-quarter earnings increased sharply on rising orders to build ships such as oil tankers and container ships and gains from equity ties with its affiliates. Its net profit reached $62m in the April-June period. The shipbuilder also said its profit was boosted by gains from equity ties with its affiliates such as STX Pan Ocean Co. STX shipbuilding has clinched orders worth $7.2 billion so far this year. The shipyard has raised its sales target for this year to $10 billion from $5.5 billion earlier, helped by increased orders for high-priced ships. Last year, it won orders worth $4 billion. Source: Yonhap
Report: HHI Leads Drop in Shipbuilding Stocks
According to reports, Hyundai Heavy Industries Co., led declines among shipyard stocks on concern of fewer orders for vessels this year after bulk rates fell the most since June 1989. Hyundai Heavy dropped 6.6 percent, the biggest decline in almost five months, to close at 382,500 won. Unit Hyundai Mipo Dockyard Co. declined 6.5 percent, the largest loss in two months, to 244,000 won. Bulk rates plunged last week on concern economic slowdowns in China, the world's biggest buyer of iron ore used to make steel, and the U.S. may reduce trade demand for commodities and consumer goods. Demand from China, Asia's second-largest economy, last year helped lift fees to a record, prompting vessel orders. Shipping lines including STX Pan Ocean Co. and Pacific Basin Shipping Ltd.
Harim Acquires Pan Ocean
South Korean poultry processor Harim Corp. is set to wrap up its purchase of troubled dry bulk carrier Pan Ocean Co. after creditors and shareholders approved a rescue plan for the country's biggest bulk carrier. Harim, partnering with JKL Partners, participated in the bid last year and was picked as the preferred bidder in December. The company paid over 1 trillion won ($895.5 billion) for the deal earlier this month. Singapore and Seoul-listed Pan Ocean’s rehabilitation plan has been approved by the Seoul Central District Court…
STX Pan Ocean CEO Resigns, Group Shipyards to be Sold
STX Pan Ocean Co., the country's leading bulk carrier, said that CEO Kang Duck-soo (who is also chairman of the STX Group) has resigned as the shipper has been under court receivership since June amid a deepening liquidity crisis, reports Yonhap. The cash-strapped STX Group, South Korea's 13th biggest conglomerate, has seen its major affiliates struggling from liquidity shortages and mounting debt due to the downturn in the shipbuilding and shipping sectors. Creditors have pumped liquidity into ailing STX Group in return for overhaul efforts. STX Group's holding company STX Corp. and its three ailing units -- STX Offshore & Shipbuilding, STX Heavy Industries and STX Engine -- have requested that creditor banks supply liquidity.
Star Bulk Enters Into a New Time Charter for the Star Gamma
Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (NASDAQ: SBLK), today announced that the Company received a letter from Korea Line Corporation ("KLC"), the charterers of the Star Gamma ("the vessel'), announcing the termination of the charterparty, effective immediately. No hire has been received since the Company's public announcement on February 22, 2011 informing shareholders that KLC had commenced rehabilitation proceedings in Korea. The Company will do its utmost to secure the value of the terminated charterparty.
Star Bulk Enters Into New Time Charter Agreements
ATHENS, GREECE, April 7, 2011- Star Bulk Carriers Corp. The Company entered into a time charter agreement with SK Shipping for the vessel Star Cosmo for a period of 11-13 months, at a gross daily rate of $16,500. The new contract will contribute minimum $5.5 million to maximum $6.8 million in gross revenue. The Star Cosmo is a Supramax vessel of 52,247 dwt built in 2005. The Company entered into a time charter agreement with STX Pan Ocean for the vessel Star Ypsilon for a period of 7-9 months, at a gross daily rate of $13,000.
Greece's Star Bulk on Ship Buying Spree
Star Bulk Carriers contracts China's Shanghai Waigaoqiao Shipbuilding to build two Capesize dry bulk carriers, & also signs Letters of Intent with a major Japanese shipyard for construction of two Ultramax dry bulkers. The eco-type, fuel efficient Capesize drybulk vessels are to be delivered in Q4 2015 and Q1 2016, respectively and similar specification Ultramax dry bulkers in 2015. The aggregate purchase price of all four newbuilding vessels is approximately US$151.0 million. Star Bulk say they have been notified by the receivers of STX Pan Ocean Co. Ltd.
STX Corp to Be Sold to Chinese Firm
AFC Korea, a subsidiary of Chinese private equity fund AFC, has been selected as the preferred bidder for cash-strapped STX Corp, according to a Business Korea report. AFC Korea has reportedly offered a price tag above 70 billion won (US$65.62 billion) for an 86.28 percent stake owned by STX creditors. STX creditors include Korea Development Bank (KDB), which holds a 39.59 percent stake, and NongHyup, which has 10.07 percent. AFC beat three other potential bidders including Pan Ocean, which was once a part of STX, and textile manufacturer Global SAE-A.